Cleary Gottlieb Steen & Hamilton is advising LATAM Airlines Group on its strategic partnership with Delta Airlines, which brings together the leading airlines in North and Latin America. Sullivan & Cromwell represents Delta on the deal.

As part of the agreement, Delta will acquire a 20% stake in LATAM for $1.9 billion. The partnership marks the end of LATAM’s pursuit of a joint venture with American Airlines and LATAM’s exit from the Oneworld alliance of airlines. Chilean regulators had knocked down the deal with American.